Synchronoss Technologies (NASDAQ:SNCR) Announces Quarterly Earnings Results

Key Points

• Synchronoss Technologies reported quarterly earnings of $0.10 per share, missing estimates by $0.15, while revenue was $42.49 million, slightly below the expected $42.79 million.
• The company's stock price fell to $6.80 after the earnings release, and it has a market capitalization of $78.14 million with a negative net margin of 1.23%.
• Insider trading activity included sales by CEO Jeffrey George Miller and Director Laurie Harris, with Miller selling 7,913 shares and Harris selling 4,800 shares, indicating potential concerns about the company’s performance.

Synchronoss Technologies (NASDAQ:SNCR - Get Free Report) issued its quarterly earnings data on Monday. The software maker reported $0.10 EPS for the quarter, missing analysts' consensus estimates of $0.25 by ($0.15), reports. The company had revenue of $42.49 million for the quarter, compared to the consensus estimate of $42.79 million. Synchronoss Technologies had a negative return on equity of 3.77% and a negative net margin of 12.36%. Synchronoss Technologies updated its FY 2025 guidance to EPS.

Synchronoss Technologies Stock Down 2.6%

SNCR traded down $0.17 during midday trading on Friday, reaching $6.42. 50,340 shares of the company were exchanged, compared to its average volume of 92,052. The company has a debt-to-equity ratio of 3.67, a quick ratio of 2.05 and a current ratio of 1.72. The company's fifty day moving average price is $7.20 and its 200 day moving average price is $8.68. The company has a market cap of $73.83 million, a price-to-earnings ratio of -3.07 and a beta of 1.77. Synchronoss Technologies has a one year low of $6.00 and a one year high of $15.46.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered Synchronoss Technologies from a "buy" rating to a "hold" rating in a report on Saturday.

Insider Buying and Selling

In other news, Director Laurie Harris sold 4,800 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $7.00, for a total value of $33,600.00. Following the completion of the transaction, the director directly owned 47,632 shares of the company's stock, valued at $333,424. This represents a 9.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Jeffrey George Miller sold 7,913 shares of the company's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $7.06, for a total value of $55,865.78. Following the completion of the transaction, the chief executive officer directly owned 429,647 shares of the company's stock, valued at approximately $3,033,307.82. This represents a 1.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,074 shares of company stock valued at $226,417 over the last three months. Corporate insiders own 19.90% of the company's stock.

Hedge Funds Weigh In On Synchronoss Technologies

Several institutional investors have recently modified their holdings of the business. Geode Capital Management LLC grew its holdings in shares of Synchronoss Technologies by 119.7% in the second quarter. Geode Capital Management LLC now owns 235,606 shares of the software maker's stock valued at $1,614,000 after acquiring an additional 128,375 shares in the last quarter. Marshall Wace LLP grew its holdings in shares of Synchronoss Technologies by 12.1% in the second quarter. Marshall Wace LLP now owns 212,355 shares of the software maker's stock valued at $1,455,000 after acquiring an additional 22,917 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Synchronoss Technologies by 4.0% in the second quarter. Russell Investments Group Ltd. now owns 87,344 shares of the software maker's stock valued at $598,000 after acquiring an additional 3,374 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Synchronoss Technologies by 4.7% in the second quarter. Bank of America Corp DE now owns 50,508 shares of the software maker's stock valued at $346,000 after acquiring an additional 2,280 shares in the last quarter. Finally, Ameriprise Financial Inc. bought a new position in Synchronoss Technologies during the second quarter valued at $272,000. 51.71% of the stock is owned by institutional investors.

Synchronoss Technologies Company Profile

Synchronoss Technologies, Inc provides cloud, messaging, digital, and network management solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers Synchronoss Personal Cloud platform that allows customers' subscribers to backup and protect, engage with, and manage their personal content.